Business, 23.07.2020 03:01, aliami0306oyaj0n

Northern Communications has the following stockholders' equity on December 31, 2018: Stockholders' Equity
Paid-In Capital:
Preferred Stock—5%, $11 Par Value; 150,000
shares authorized, 20,000
shares issued and outstanding $220,000
Common Stock—$2 Par Value; 575,000 s
hares authorized, 380,000
shares issued and outstanding 760,000
Paid-In Capital in Excess of Par—Common 680,000
Total Paid-In Capital 1,660,000
Retained Earnings 200,000
Total Stockholders' Equit $1,860,000
Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $9,000 in 2018 and $45,000 in 2019. Assume no changes in preferred stock and common stock in 2019.
2. Record journal entries for 2018 assuming Northern communication declared dividend on Dec 31.

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Northern Communications has the following stockholders' equity on December 31, 2018: Stockholders'...